Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 193.07

-1.2%

Dec 3 3:59 PM EST

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To: celeryroot.com who wrote (12196)	12/8/1997 8:22:00 AM
From: Henry Niman	Read Replies (1) of 32384

Celeryroot, When I mentioned Farallon abandoning ship, I was refering to their unwinding of their arbitrage postion (using the LGND recieved for ALRI to cover their shorts on LGND). Their Dec 5 filing, indicates that indeed they took the LGND shares received for ALRI and delivered them to a 3rd party to cover their shorts. As I had indicated a year or two ago, this coverage does not require buying stock in the equity market. The stock used to cover come directly from the ALRI conversion. Short interest rose 400,000 between Oct 15 through Nov 15 and the period used to determine the conversion rate between ALRI and LGND was Oct 23 through Nov 19. I don't think that these events were unrelated.

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